The ECJ, the ECB and Italy

The Federal Constitutional Court has strong reasons to believe that the ECB's ongoing bond purchase programme constitutes monetary state financing, which is prohibited by European treaties.

Without the possibility of monetary state financing, however, the European Monetary Union and the Euro cannot survive in their current form. If the European Court of Justice (ECJ) follows the opinion of the Federal Constitutional Court, Italy's Euro membership could be put to the test.

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